Bakkt (NYSE: BKKT), an end-to-end cryptocurrency marketplace, will close its consumer application as the company wants to focus more on business-to-business technology solutions.
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The New York-based company said in a press release it would close the app on March 16. 2023 as it continues to "gain traction with B2B2C strategy." Those who use Bakkt app will still have access to all their crypto and cash via a web service.
Gavin Michael, President & CEO of Bakkt, said with the move the company wants to provide its partners and clients "with seamless solutions that best serve their needs."
In November 2022, Bakkt announced the acquisition of Apex Crypto, a platform that allows broker-dealers and financial advisors to meet legal and regulatory requirements, for up to $200 million. Michael said the deal would serve as an "additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions."
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